By Carl S. Warren, James M. Reeve, Philip E. Fess
The main profitable larger schooling textual content of all time retains improving. The authors adapt their confirmed method of accounting's evolving function in enterprise and use the education of monetary statements because the framework for figuring out what accounting is all approximately. Accounting offers an outstanding origin of accounting strategies with certain positive aspects to teach how clients can use accounting to appreciate enterprise.
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Extra resources for Accounting (Accounting Carl S. Warren)
More than 70% of the businesses in the United States are organized as proprietorships. The popularity of this form is due to the ease and the low cost of organizing. The primary disadvantage of proprietorships is that the financial resources available to the business are limited to the individual owner’s resources. Small local businesses such as hardware stores, repair shops, laundries, restaurants, and maid services are often organized as proprietorships. As a business grows and more financial and managerial resources are needed, it may become a partnership.
The managers are those individuals who the owners have authorized to operate the business. Managers are primarily evaluated on the economic performance of the business. The managers of poor-performing businesses are often fired by the owners. Thus, managers have an incentive to maximize the economic value of the 2The value chain is described and illustrated in most management textbooks. qxd 11/10/03 6:26 PM Page 7 Chapter 1 • Introduction to Accounting and Business The state of Alabama offered DaimlerChrysler millions of dollars in incentives to locate a Mercedes plant in Alabama.
Entrepreneurs must also have basic management skills, such as the ability to organize and interact with others. Terms that are often used to describe entrepreneurs are listed below. Terms Vision Perseverance Independent Self-confident Risk taker High energy level Motivated Personal drive 7 Spirit of adventure Need for achievement Self-starter Sense of commitment Willingness to make personal sacrifices Communication skills Examples of some well-known entrepreneurs and their companies are listed below.
Accounting (Accounting Carl S. Warren) by Carl S. Warren, James M. Reeve, Philip E. Fess